Subsea Wellheads News

Net Income Group share up 174% to €115 million. Increased operating margin1 and capital gains generated €575.7 million EBITDA, up 41.7% compared to 2012. Return on average capital employed (ROACE: EBIT / average capital employed excluding installments) increased to 9.8% compared to 5.8% in 2012. The majority of the vessel sales were done at the end of the year. The cost of financial debt remained at the same level as 2012 (€73 million). Other financial costs consist mainly of foreign exchange losses, 65% of which are unrealized at year end. Operating margin increased almost 2 points versus 2012 as the benefits of the focus on operational excellence began to materialize.

Revenues up 10.5% vs. full year 2012 to €1.312 billion and up 6.0% vs. fourth quarter 2012 to €331.6 million impacted by U.S. •    Foreign currency movements versus the Euro in 2013 (most notably versus the U.S. “2013 revenues of more than €1.3 billion, a complete range of 485 vessels with an average age of 6.2 years and the broad geographical reach of its activities makes Bourbon a leader in the offshore marine services industry,” said Christian Lefèvre, Chief Executive Officer of Bourbon.

GE Oil & Gas has signed an $84-million agreement with PEMEX Exploration and Production to supply and install subsea wellheads for PEMEX’s deepwater and ultra-deepwater drilling projects in the Gulf of Mexico. The Gulf of Mexico is a strategic zone for the hydrocarbon industry, since it is estimated to hold more than 50 percent of Mexico’s potential or prospective resources. However, such reserves are located in deepwater and ultra-deepwater sites, and advanced technology is needed to extract those resources for the benefit of the country. GE Oil & Gas has become a strategic partner both for PEMEX and for Mexico in the search of new hydrocarbon reserves.

Sonardyne International Ltd. has received an order valued at over £2.1 million from international oil and gas turnkey contractor Saipem. The order includes six SPRINT systems and associated acoustic positioning equipment, making it Sonardyne’s largest sale of acoustically aided inertial navigation technology to date. SPRINT (Subsea Precision Reference Inertial Navigation Technology) will be deployed in April in the West Delta Deep Marine concession (WDDM). This natural gas field is situated about 90 kilometers offshore the North-West Nile Delta, at water depths between 400 and 1,000 meters.

Saipem has been awarded new E&C Offshore contracts in Egypt, in the North Sea and in Russia, worth in excess of $1 billion. In Egypt, Burullus Gas Company awarded Saipem the EPIC contract for new subsea developments in the area of the West Delta Deep Marine Concession, located about 90 km offshore the Northwest Nile delta, at water depths between 400 and 1,000 m. The development encompasses the engineering, procurement, construction and installation of a total of seven new subsea wellheads and relevant infrastructures, umbilicals and flowlines.

Saipem has been awarded new offshore contracts worth over 1 billion euro. The contracts refer to activities to be carried out between 2010 and 2012 in the main offshore areas where Saipem is present, in particular in the Caspian Sea, both in the Kazakh and Azeri sectors, Brazil, the Middle East, West Africa, the North Sea and Mexico. The operations will be performed by Saipem’s most powerful fleet vessels and include the laying of sealines, field development, as well as platform fabrication and installation. Among the major awarded contracts, in Kazakhstan, Saipem has signed an extension of the ‘Kashagan Trunklines’ contract with Agip KCO for the installation of the pipeline system connecting the offshore production facilities.

In a recent report, the energy & marine industry analysts Douglas-Westwood, has revealed that operations of cable controlled work-class remotely operated underwater vehicles (ROVs) is a business worth $600 million worldwide and this is forecast to grow to $725 million by 2008. The firm reported these results in ‘The World AUV & ROV Report,’ a new global business study published. In his keynote address to delegates at the ‘Advances in Technology for Underwater Vehicles’ conference in London today…

In a recent report, the energy & marine industry analysts Douglas-Westwood, has revealed that operations of cable controlled 'work-class' remotely operated underwater vehicles (ROVs) is a business worth $600 million worldwide and this is forecast to grow to $725 million by 2008. The firm reported these results in 'The World AUV & ROV Report,' a new global business study published. In his keynote address to delegates at the 'Advances in Technology for Underwater Vehicles' conference in London, DWL's John Westwood said he expected this growth to mainly come from the oil & gas sector as increasing demand raises ROV utilization and day rates.

Edison Chouest Offshore (ECO) has long been the leading offshore service vessel company in the Gulf of Mexico with more than 100 vessels offering supply, crew transportation, anchor handling and other services. Last year the company debuted the world's largest OSV, the 348-ft. Laney Chouest, an Anchor Handling Tug Supply (AHTS) vessel and the continuation of their 280-ft. series of supply vessels. By the end of this year, six of the 280-ft. vessels will have been built. Now the Galliano, La.-based company is looking to extend its reach internationally and has formed a new company, Island Offshore Shopping AS, to pursue offshore service business internationally. Island Offshore is a joint venture between Edison Chouest Offshore and Ulstein.